Projected Income Statement: Swisscom AG

Forecast Balance Sheet: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 7,706 7,374 7,071 15,597 15,633 14,854 15,102 14,570
Change - -4.31% -4.11% 120.58% 0.23% -4.98% 1.67% -3.52%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Cash Flow Forecast: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 2,286 2,309 2,292 2,312 3,008 3,580 3,538 3,518
Change - 1.01% -0.74% 0.87% 30.1% 19.01% -1.17% -0.55%
Free Cash Flow (FCF) 1 1,758 1,349 1,480 1,437 1,433 1,541 1,587 1,844
Change - -23.27% 9.71% -2.91% -0.28% 7.52% 2.98% 16.2%
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF in Million
Estimates

Forecast Financial Ratios: Swisscom AG

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 40.1% 39.65% 41.74% 39.46% 43.97% 45.56% 46.37% 47.34%
EBIT Margin (%) 18.47% 18.36% 19.92% 17.68% 12.79% 14.26% 15.35% 16.36%
EBT Margin (%) 19.24% 17.67% 18.74% 16.86% 10.41% 11.35% 12.73% 14.14%
Net margin (%) 16.38% 14.42% 15.45% 13.96% 8.45% 9.66% 10.48% 11.57%
FCF margin (%) 15.72% 12.14% 13.37% 13.02% 9.52% 10.47% 10.83% 12.59%
FCF / Net Income (%) 95.96% 84.21% 86.5% 93.25% 112.75% 108.43% 103.38% 108.81%

Profitability

        
ROA 7.47% 6.48% 6.93% 4.97% 3.44% 3.96% 4.28% 4.69%
ROE 18.05% 14.58% 15.02% 12.96% 10.42% 11.92% 13.09% 14.39%

Financial Health

        
Leverage (Debt/EBITDA) 1.72x 1.67x 1.53x 3.58x 2.36x 2.22x 2.22x 2.1x
Debt / Free cash flow 4.38x 5.47x 4.78x 10.85x 10.91x 9.64x 9.52x 7.9x

Capital Intensity

        
CAPEX / Current Assets (%) 20.44% 20.78% 20.7% 20.95% 19.99% 24.33% 24.15% 24.03%
CAPEX / EBITDA (%) 50.98% 52.41% 49.59% 53.09% 45.46% 53.4% 52.08% 50.76%
CAPEX / FCF (%) 130.03% 171.16% 154.86% 160.89% 209.91% 232.35% 222.96% 190.82%

Items per share

        
Cash flow per share 1 78.07 74.82 77.78 76.77 116.1 107.2 101.4 102.7
Change - -4.15% 3.95% -1.29% 51.17% -7.6% -5.45% 1.24%
Dividend per Share 1 22 22 22 22 22 26.95 28.21 29.18
Change - 0% 0% 0% 0% 22.48% 4.68% 3.47%
Book Value Per Share 1 208.7 215.6 224.3 234.6 236.3 237.1 239.4 242.2
Change - 3.3% 4.04% 4.61% 0.69% 0.36% 0.94% 1.2%
EPS 1 35.37 30.93 33.03 29.77 24.54 26.74 29.17 31.76
Change - -12.55% 6.79% -9.87% -17.57% 8.97% 9.1% 8.86%
Nbr of stocks (in thousands) 51,802 51,802 51,802 51,802 51,802 51,802 51,802 51,802
Announcement Date 2/3/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1CHF
Estimates
2026 *2027 *
P/E 23.9x 21.9x
PBR 2.69x 2.67x
EV / Sales 3.26x 3.29x
Yield 4.22% 4.41%

EPS & Dividend



Y-o-Y evolution of P/E

 

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
17
Last Close Price
639.00CHF
Average target price
575.76CHF
Spread / Average Target
-9.90%

Quarterly revenue - Rate of surprise